Chiomenti and Clifford Chance advise on BPER Banca €750 million AT1 issuance

Chiomenti and Clifford Chance participated in the transaction: Chiomenti advised BPER Banca, while Clifford Chance advised the financial institutions acting as joint structuring advisors and global coordinators (Barclays and UBS), joint bookrunners (Banco Santander, Goldman Sachs, Intesa Sanpaolo and Société Générale) and co‑lead manager (Equita SIM). The transaction comprised an issuance by BPER Banca of an Additional Tier 1 (AT1) perpetual bond for an amount of €750 million. Following a book‑building process, the offering attracted institutional orders exceeding €2.25 billion. The securities were placed at par with a fixed coupon of 5.875% payable semi‑annually until the first reset date on 19 March 2031. If BPER Banca elects not to exercise any early redemption option, the coupon will be reset at the first reset date to the 5‑year euro swap rate observed on that date plus a spread of 357.2 basis points. Chiomenti represented BPER Banca with a team composed by: partners Gregorio Consoli and Benedetto La Russa; counsel Gioia Ronci and associate Flavia Spaziani Testa for corporate governance matters; of counsel Maria Carmela Falcone for regulatory matters; of counsel Felice Azzollini, senior associate Antonio Principato and associate Giovanni Marabotto; and for tax matters of counsel Maurizio Fresca and senior associate Giovanni Massagli. Clifford Chance represented the financial institutions acting as joint structuring advisors and global coordinators (Barclays and UBS), joint bookrunners (Banco Santander, Goldman Sachs, Intesa Sanpaolo and Société Générale) and co‑lead manager (Equita SIM) with a team composed by: partner Gioacchino Foti; counsel Jonathan Astbury; senior associate Francesco Napoli; associate Nicole Paccara; and trainee Lorenzo Mereghetti.

Chiomenti and Clifford Chance advise on BPER Banca €750 million AT1 issuance

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